WIF Loses Its Position Among Top 50 Cryptos With FTM

Dogwifhat (WIF) has experienced a significant decline, leading to its fall out of the top 50 cryptocurrencies positioning it at #52. The memecoin’s market cap dropped 9% to $1.6 billion within a 12-hour period on June 23, allowing Fantom (FTM) to overtake its position, positioning it at 51. This substantial drop has raised concerns among investors and traders about the future of WIF.

Over the past seven days, Dogwifhat price has dropped by 38%, now trading at $1.54 at press time. The downward trend is evident in the TradingView chart, which shows a steady decline from its highs of around $4.83 in mid-April. The recent closing price of $1.53 represents a 3.65% decrease in a single day. The Relative Strength Index (RSI) indicator is at 26.19, signaling that WIF is in the oversold territory. This indicates that the asset might be undervalued and could potentially see a rebound.

Despite the increasing trading volume, which rose by 23.45% to $308.8 million, the overall market sentiment remains negative. The CoinMarketCap data highlights a 12.85% drop in market cap at the time of writing, reflecting the community’s growing concerns. The increase in trading volume could be attributed to either heightened interest or panic selling, though the latter seems more plausible given the circumstances.

WIF is still the fourth largest memecoin, trailing behind PEPE with a market cap of $4.4 billion. However, traders are exhibiting caution. Open Interest in WIF futures contracts has dropped 3.52% to $225.32 million. This reduction in Open Interest suggests that futures traders are holding back from staking on WIF’s near-term price movement.

Additionally, there is a potential short-squeeze opportunity. If WIF’s price rebounds by approximately 13% to $1.81, it could liquidate around $13.53 million in short positions. This possibility has caught the attention of some traders, but the overall sentiment remains bearish.

On the other hand, Fantom (FTM) has also faced its own challenges. At press time, trading at $0.5537, FTM has seen a 10.91% drop in value over the past 7 days. Its market cap stands at $1.55 billion, positioning it at #51 in the cryptocurrency rankings. Despite this, FTM has experienced a significant increase in trading volume, surging by 50.39% to $157.2 million in the past 24 hours.

While WIF’s oversold RSI suggests a potential for recovery, negative market sentiment and trader caution imply that a rebound may not be imminent. WIF’s future remains uncertain, and only time can tell if it could regain its position among the top cryptocurrencies.